Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 18.49 CNY, compared to the current price of 14.55 CNY [1]. Core Views - The company's performance shows positive growth, with a total revenue of 9.5 billion CNY in the first half of 2024, a year-on-year decrease of 2.9%. The net profit attributable to shareholders is 4.75 billion CNY, reflecting a year-on-year increase of 0.4% [1]. - The return on equity (ROE) improved slightly to 3.8%, with a net profit margin of 49.7%, indicating a stable profitability despite market challenges [2]. - The company’s capital-intensive business has seen a recovery, primarily driven by self-operated growth, with net income from capital-intensive operations reaching 5.22 billion CNY [2]. - The brokerage business has been affected by market downturns, with brokerage income at 2.58 billion CNY, a decrease of 4.7% [2]. - Investment banking revenue showed positive growth, with total income of 280 million CNY, reflecting a quarter-on-quarter increase [2]. - The asset management business generated 340 million CNY in revenue, indicating a stable performance [2]. Financial Summary - Total revenue for 2024 is projected to be 20.89 billion CNY, with a year-on-year growth rate of 5.4%. The net profit is expected to reach 9.64 billion CNY, with a growth rate of 10% [6]. - Earnings per share (EPS) are forecasted to be 1.11 CNY for 2024, with a price-to-earnings (P/E) ratio of 13.1 [6]. - The company’s total assets are reported at 490.4 billion CNY, with a debt-to-asset ratio of 80.52% [4].

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price set at 14.63 CNY per share, reflecting a market capitalization of 127.23 billion CNY [2][6]. Core Insights - The company reported a total operating revenue of 9.59 billion CNY, a year-on-year decrease of 3%, while the net profit attributable to shareholders remained stable at 4.75 billion CNY, with a return on equity (ROE) of 4.08%, down by 0.25 percentage points year-on-year [2][3]. - The second quarter of 2024 saw operating revenue of 5.30 billion CNY, with no year-on-year change and a quarter-on-quarter increase of 23%. The net profit for the same period was 2.59 billion CNY, reflecting a year-on-year increase of 5% and a quarter-on-quarter increase of 20% [2][3]. Revenue Breakdown - The report highlights a significant increase in securities proprietary income, which rose by 21% year-on-year. However, interest, investment banking, and brokerage revenues saw the largest declines, dropping by 50%, 36%, and 12% respectively, contributing to the overall revenue decline [3][4]. - The income structure indicates that securities investment and brokerage business revenues accounted for the highest proportions at 50% and 27% respectively, while equity investment, interest, asset management, and investment banking contributed 8%, 5%, 4%, and 3% respectively [3][4]. Fee-based Business Performance - The brokerage business net income was reported at 2.58 billion CNY, down 12% year-on-year. The retail brokerage, institutional brokerage, and financial product distribution revenues were 1.83 billion CNY, 322 million CNY, and 227 million CNY respectively, with year-on-year changes of -10%, -31%, and +6% [4]. - The investment banking revenue was 280 million CNY, a decrease of 36% year-on-year, although the company improved its market share in various segments [4]. Asset Management and Fund Performance - The entrusted asset management business generated 340 million CNY in revenue, down 9% year-on-year, with total asset management scale reaching 302.2 billion CNY, a 2% increase year-on-year [4]. - The report notes that the company's affiliated funds, including Bosera Fund and China Merchants Fund, ranked highly in the bond fund industry, with net profits of 756 million CNY and 847 million CNY respectively [4]. Financial Metrics - The company’s financial assets investment scale was 359.8 billion CNY, up 9% year-on-year, with an investment return rate of 1.31%, an increase of 0.06 percentage points year-on-year [5]. - The report projects a downward adjustment in revenue forecasts for 2024 and 2025 to 17.82 billion CNY and 21.17 billion CNY respectively, while increasing the 2026 forecast to 27.00 billion CNY [6][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company reported a revenue of 9.595 billion yuan in the first half of 2024, a year-on-year decline of 11%. However, the net profit attributable to shareholders increased by 0.44% to 4.748 billion yuan, with a return on equity (ROE) of 4.08%, down 0.25 percentage points year-on-year. The earnings per share (EPS) remained flat at 0.51 yuan [1]. - The decline in performance is attributed to the downturn in the capital market and a continuous decrease in commission rates. The company is actively expanding its institutional business to solidify its advantages [1]. - The wealth management transformation is deepening, with the company maintaining a leading position in custody outsourcing and steadily building an institutional business ecosystem. The market share of stock trading reached 4.59%, and the scale of entrusted customer assets was 3.6 trillion yuan, down 3.23% from the end of 2023 [1]. - Investment income accounted for nearly half of the total revenue, with investment income (including fair value changes) reaching 4.753 billion yuan, a year-on-year increase of 21.31%. The scale of financial assets rose to 369.511 billion yuan, up 10.82% year-on-year [1]. - The asset management and investment banking businesses faced pressure, with a decline in IPO financing and a 36.3% drop in investment banking revenue to 285 million yuan. However, the bond financing scale increased by 18.41% to approximately 171.4 billion yuan [1]. Financial Forecasts - The company has adjusted its profit forecasts for 2024, 2025, and 2026 downwards by 8.11%, 10.23%, and 9.63%, respectively. The projected net profit attributable to shareholders for these years is 8.955 billion yuan, 9.803 billion yuan, and 10.953 billion yuan, reflecting year-on-year growth rates of 2.2%, 9.5%, and 11.7% [1][7]. - The current price-to-earnings (PE) ratios are projected at 14.2, 13.0, and 11.6 for 2024, 2025, and 2026, respectively, while the price-to-book (PB) ratios are expected to be 1.0, 1.0, and 0.9 [1][7].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has demonstrated significant advantages in wealth management, with investment business driving steady growth in performance. In the first half of 2024, the company achieved operating revenue and net profit attributable to shareholders of 9.595 billion and 4.748 billion yuan, respectively, with year-on-year changes of -11.1% and +0.4% [4][5] - The company is expected to achieve net profits attributable to shareholders of 9.139 billion, 10.228 billion, and 11.362 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of +13.21%, +11.92%, and +11.09% respectively [5] Summary by Sections Financial Performance - In Q2 2024, the company reported operating revenue and net profit attributable to shareholders of 5.296 billion and 2.590 billion yuan, with year-on-year changes of -12.2% and +5.0%, and quarter-on-quarter changes of +23.2% and +20.1% [4] - The company's revenue from brokerage, investment banking, asset management, interest, and investment for the first half of 2024 was 2.577 billion, 285 million, 340 million, 467 million, and 4.753 billion yuan, with year-on-year changes of -12.1%, -36.3%, -8.5%, -50.0%, and +21.3% respectively [4] Wealth Management and Investment Business - The company has deepened its wealth management transformation, achieving positive growth in financial product distribution. The revenue from agency buying, trading seats, and distribution in the first half of 2024 was 2.628 billion, 322 million, and 227 million yuan, with year-on-year changes of -14.2%, -30.7%, and +5.8% respectively [4] - The company’s self-operated investment performance was driven by fixed-income investments, with investment income and fair value changes (excluding equity method investments) increasing by 21.3% year-on-year to 4.753 billion yuan [5] Future Projections - The company’s financial asset scale at the end of the first half of 2024 decreased by 2.1% year-on-year to 359.3 billion yuan, while the investment income increased by 21.3% year-on-year [5] - The current stock price corresponds to a price-to-book (PB) ratio of 1.11 times for 2024, maintaining the "Accumulate" rating [5]

Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.01 per 10 shares, totaling approximately RMB 878.35 million based on the total shares of 8,696,526,806 as of June 30, 2024[4]. - The company has not proposed any capital reserve transfer to increase share capital for the mid-year report period[4]. - The company plans to implement a shareholder return plan for 2024-2026[147]. - The company's profit distribution policy complies with legal regulations and aims to protect the rights of minority shareholders[153]. Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2024, representing a 15% year-over-year growth[17]. - The company's operating revenue for the first half of 2024 was CNY 9,595,157,988.18, a decrease of 11.11% compared to the same period last year[24]. - Net profit attributable to shareholders of the parent company was CNY 4,747,695,567.68, showing a slight increase of 0.44% year-on-year[24]. - The net cash flow from operating activities was CNY 17,443,527,725.75, down by 8.07% from the previous year[24]. - The company's total operating revenue for the reporting period was approximately 9.60 billion yuan, a decrease of 11.11% year-on-year[74]. - The net profit for the first half of 2024 was approximately CNY 4.75 billion, a slight increase of 0.43% compared to the same period last year[75]. Risk Management - The company faces various risks including regulatory changes, credit risk, market risk, operational risk, liquidity risk, and reputational risk, which may impact its business and financial performance[6]. - The report includes a risk management framework addressing various potential risks faced by the company[6]. - A comprehensive risk management framework has been established, including a five-tier risk management structure to address market, credit, operational, and liquidity risks[109]. - The company has developed a quantitative risk management indicator system to guide resource allocation towards high-risk-return businesses, enhancing overall risk management and corporate value[113]. - The company has established a multi-level credit risk limit system to control credit risk exposure, including business scale limits and single client financing scale limits[127]. Business Strategy and Development - The company has not disclosed any significant changes in its business strategy or future outlook in the report[5]. - The company is focused on enhancing its service offerings through the optimization of account management functions, which was initiated in June 2021[13]. - The company is positioned to leverage its qualifications for market expansion and new product development in the financial sector[15]. - The company is actively pursuing partnerships with international financial institutions to broaden its service offerings[17]. - The company has expanded its investment strategies, focusing on high-dividend investments primarily in central state-owned enterprises, while also enhancing its quantitative strategies in derivatives trading[73]. Compliance and Governance - The company emphasizes the importance of compliance with laws and regulations to mitigate legal and compliance risks[6]. - The company has committed to not engaging in competitive business activities with its controlling shareholders and related parties[170]. - The company has established a robust corporate governance structure that complies with relevant laws and regulations, ensuring the protection of shareholder interests[159]. - The company has pledged to increase internal compliance checks following regulatory penalties imposed in early 2024[174]. Employee and Training Initiatives - The company reported a total of 12,260 employees, with 11,278 in the parent company and 982 in major subsidiaries[150]. - The company implemented nearly 300 training programs in the first half of 2024, achieving a total of 200,000 learning hours and 180,000 participants[152]. - The company emphasizes a performance-oriented compensation policy, aligning fixed salaries and bonuses with market data and key performance indicators[151]. - The company's training focus includes macroeconomics, compliance risk control, and digital transformation, enhancing employee capabilities[152]. Market Position and Expansion - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[18]. - The company has completed two A-share market M&A projects with a total transaction value of CNY 4.9 billion, ranking fourth in transaction value in the industry[64]. - The company ranked 7th in A-share main underwriting amount and 10th in the number of main underwriting cases in the industry[57]. - The company has actively developed its foreign exchange business, participating in direct trading and settlement services, maintaining a leading position among securities firms[73]. Environmental and Social Responsibility - The company has adopted a green low-carbon concept in its daily operations, aiming to reduce energy consumption and waste emissions[162]. - The company has actively promoted environmental protection and energy conservation awareness among employees[163]. - The company donated CNY 373,800 to support the Aiyi Potato Daliangshan teaching project, aiding education in remote areas[167]. - The company is involved in a lawsuit related to false statements, with a total potential liability of CNY 223.44 million for investor compensation[173].

证券代码：600999 证券简称： 招商证券 编号： 2024－036 招商证券股份有限公司 关于召开2024年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 招商证券股份有限公司（以下简称公司）于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成 果、财务状况，公司计划于 2024 年 9 月 6 日上午 9:00-10:00 举行 2024 年半年 度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 9 月 6 日上午 9:00-10:00 1 会议召开时间：2024 年 9 月 6 ...

第八届董事会第八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 董事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届董事会第八次会议通知于 2024 年 8 月 16 日以电子邮件方式发出。会议于 2024 年 8 月 30 日在广东省深圳 市以现场结合通讯方式召开。 本次会议由霍达董事长召集并主持，应出席董事 15 人，实际出席董事 15 人（其中：以通讯方式出席会议的董事 10 人）。公司全体监事和部分高级管理人 员列席了会议。 证券代码：600999 证券简称： 招商证券 编号： 2024－033 招商证券股份有限公司 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 二、 董事会会议审议情况 本次会议通过以下议案： （一）关于公司 2024 年半年度经营工作报告的议案 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 （二）关于公司 2024 年半年度报告的议案 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 本议案 ...

证券代码：600999 证券简称： 招商证券 编号： 2024－035 招商证券股份有限公司 2024年半年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例：每股派发现金红利 0.101 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前招商证券股份有限公司（以下简称公 司）总股本发生变动的，拟维持分配总额不变，相应调整每股分配比例，并将在 相关公告中披露。 一、 利润分配方案内容 截至 2024 年 6 月 30 日，公司母公司报表中期末未分配利润为人民币 25,035,297,634.14 元。经董事会决议，公司 2024 年半年度拟以实施权益分派 股权登记日登记的总股本为基数分配利润。本次利润分配方案如下： 2、2024 年半年度公司不送红股，不进行资本公积金转增股本。 3、如实施权益分派股权登记日公司总股本发生变动，公司拟维持分配总额 不变，相应调整每股分配金额。 4、以上现金红利以人 ...

证券代码：600999 证券简称： 招商证券 编号： 2024－034 招商证券股份有限公司 第八届监事会第六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、 监事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届监事会第六次会议通知于 2024 年 8 月 16 日以电子邮件方式发出，会议于 2024 年 8 月 30 日以现场结合通 讯方式在广东省深圳市召开。 本次会议由由监事会召集人朱立伟先生召集并主持，应出席监事 6 人，实际 出席 6 人（其中以通讯表决方式出席会议 3 人）。公司副总裁（财务负责人）、董 事会秘书刘杰先生，证券事务代表罗莉女士列席会议。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 二、 监事会会议审议情况 本次会议审议通过如下议案： （一）审议通过《公司 2024 年半年度经营工作报告》 表决结果：同意 6 票，反对 0 票，弃权 0 票。 （二）审议通过《公司 2024 年半年度报告》 监事会就公司 2024 ...

招商局集团财务有限公司 2024 年半年度风险评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与 关联交易》的要求，招商证券股份有限公司查验了招商局集团财务有 限公司（以下简称"招商财务"）《金融许可证》《营业执照》等证件 资料，审阅了招商财务资产负债表、利润表、现金流量表等定期财务 报告，对招商财务的经营资质、业务和风险状况进行了评估，具体情 况如下： 一、 招商局集团财务有限公司基本情况 企业名称：招商局集团财务有限公司 金融许可证机构编码：L0125H211000001； 统一社会信用代码：9111000071782949XA； 注册资本：人民币 50 亿元； 公司注册地址：北京市朝阳区安定路 5 号院 10 号楼 B 栋 15 层 1501 号； 企业类型：其他有限责任公司； 经营范围：企业集团财务公司服务。 招商财务的前身中外运长航财务有限公司于 2011 年 4 月 19 日经 中国银行业监督管理委员会批准成立，于同年 5 月 17 日完成工商注 册登记手续后正式挂牌营业。2017 年经重组后，于当年 8 月完成名 称变更登记，更名为招商局集团财务有限公司；同时完成股权转让， ...